Total approvals for new residential building were valued at $20,840m in 2001, increasing by 9% from the value of approvals in 2000 ($18,202m, see table 20.11). This pattern was reversed for the value of work done, which decreased by 10% in 2001. This reflects the impact of the lead time between approvals and activity in the period after the introduction of The New Tax System, as shown in graphs 20.8 and 20.10.

The value of new houses, in terms of both approvals and activity, dominates the residential sector.

20.11 VALUE OF RESIDENTIAL BUILDING

Approved

Work done

2000

2001

2000

2001

$m

$m

$m

$m

New residential buildings

New houses

12,599

14,709

14,720

13,207

New other residential buildings

5,604

6,131

6,420

5,848

Total

18,202

20,840

21,140

19,055

Alterations and additions to residential buildings(a)

3,075

3,428

3,665

3,821

(a) Valued at $10,000 or more.

Note: Due to seasonal adjustment methods, totals do not necessarily equal the sum of the components.

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